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Running head: RISKS IN PROJECT Risks in Project Name of the Student Name of the University Author’s Note:
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1 RISKS IN PROJECT Table of Contents Question 1..................................................................................................................................2 Question 2..................................................................................................................................3 Question 3..................................................................................................................................4 Question 4..................................................................................................................................5 References..................................................................................................................................6
2 RISKS IN PROJECT Question 1 Risk Analysis in Good Software Project Plan It is extremely important and significant to analyse the major project risks while developing a good software project plan. Proper risk management is the management of every possible future events, which might have comprise of negative effects over the project. The risk responses hence should be planned for enhancement of opportunities as well as minimization of threats towards project object objectives (Kerzner & Kerzner, 2017). Thus, risk assessment and analysis is quite helpful for any software project plan and should be accompanied. Planning of risk response is also important in this case, since it addresses the various risks as per their priority and activities within the project management plan, schedule and total budget. Moreover, with the help of this risk analysis, progress of the project could also be evaluated easily.
3 RISKS IN PROJECT Question 2 Identification of Every Risk in a Project Yes it is possible to identify each and every risk in any specific project. The distinct methods of the risk identification should be followed eventually for this purpose. The major methods are as follows: i)Documentation Reviewing: In this method, project related documents are reviewed for risk analysis. ii)InformationGatheringTechniques:Brainstorming,Delphitechniqueand interviewing are the three techniques of information gathering. iii)Root Cause Analysis: The root causes are identified for risks in a project by this method (Marchewka, 2014). iv)SWOT Analysis: This particular method identifies the strengths, weaknesses, opportunities and threats and hence risks are identified in a project. v)Checklist Analysis: The check list of the risk categories is being utilized for coming up with extra risks in the project. vi)Assumption Analysis: The final method identifies various assumptions of this project and then determine the validity for risk identification.
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4 RISKS IN PROJECT Question 3 Necessity of Identification of the Risks It is extremely important and significant identify each and every risk in any project. Thisprocessofriskidentificationeventuallyhelpsincreationofcomprehensive understanding which could be leveraged for influencing stakeholders and even creation of better project related decisions. A proper procedure of this risk identification creates better project communication and hence better communication enhances better project decisions (Fleming & Koppelman, 2016). A risk that is poorly identified eventually refers to the fact that the project manager would be struggling as well as failing in communicating the risk to his or her higher level stakeholders and team members. Thus, with the help of this risk identification process, it is quite effective for the project to eradicate each and every negative effect from the project.
5 RISKS IN PROJECT Question 4 Risk in Project with Proper Mitigation Strategy A specific risk in a project would be change in project plan. Changes are quite common in any project and it subsequently involves each and every stakeholder of the project. Most frequent changes come from the clients once the project plan is being made. However, this particular issue often becomes extremely vulnerable for the project as the change could be vulnerable to the project in terms of quality and budget (Walker, 2015). The effective mitigation strategy of this specified issue of change is the periodical meetings with the clients and rest of the project team. When this type of meeting would take place, client can easily and promptly identify his requirements in the process and the project manager will not have to change the entire project plan.
6 RISKS IN PROJECT References Fleming, Q.W. & Koppelman, J.M., (2016), December. Earned value project management. Project Management Institute. Kerzner, H. & Kerzner, H.R., (2017).Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons. Marchewka, J.T., (2014).Information technology project management. John Wiley & Sons. Walker, A., (2015).Project management in construction. John Wiley & Sons.